Anti-Money Laundering Acronyms

Confused by all the abbreviations and acronyms used in the world of financial crime prevention and AML compliance? We have created a shortlist of the most referred to acronyms in AML/CFT.

A

ABC – Anti-Bribery and Corruption

ACAMSAssociation of Certified Anti-Money Laundering Specialists

ACPR French Prudential Supervision and Resolution Authority

AMF French Financial Markets Regulator

AML – Anti-Money Laundering

AML/CTF – Anti-Money Laundering/Counter-Terrorism Financing Rules

AMLD – Anti-Money Laundering Directive

APGAsia Pacific Group on Money Laundering

APTs – Asset Protection Trusts

ARS – Alternative Remittance System

ATMs – Automatic Teller Machines

AUSTRAC Australian Transaction Reports and Analysis Centre

B

BISBasel Committee on Banking Supervision

BMPE – Black Market Peso Exchange

BO – Beneficial Ownership

BSA – Bank Secrecy Act

C

CCPA – California Consumer Privacy Act

CDD – Customer Due Diligence

CFATFCaribbean Financial Action Task Force

CFT – Combating the Financing of Terrorism

CRO – Chief Risk Officer

CRS – Common Reporting Standard

CSP – Corporate Service Provider

CTR – Currency Transaction Reporting

D

DOJDepartment of Justice (US)

DNFBP – Designated Non-Financial Businesses & Professions

E

EAGEurasian Group on Combating Money Laundering & Financing of Terrorism

EDD – Enhanced Due Diligence

EFT – Electronic Funds Transfer

EGFIUEgmont Group of Financial Intelligence Units

eIDV – Electronic Identification & Verification

ESAAMLGEastern & Southern African Anti-Money Laundering Group

EUEuropean Union

F

FATCA – Foreign Account Tax Compliance Act

FATFFinancial Action Task Force

FCAFinancial Conduct Authority (UK)

FinCENFinancial Crimes Enforcement Network

FSRBFinancial Action Task Force Style Regional Bodies

FIU – Financial Intelligence Unit

FX – Foreign Exchange Market

G

H

HMTHer Majesty’s Treasury (UK)

HNWI – High Net Worth Individual

I

ID&V – Identification & Verification

IVTS – Informal Value Transfer System

IBC – International Business Company

IMFInternational Monetary Fund

ISIL – Islamic State of Iraq & The Levant

ISIS – Islamic State of Iraq & al-Sham

J

JMLIT – Joint Money Laundering Intelligence Taskforce

JMLSGJoint Money Laundering Steering Group (UK)

K

KY3P – Know Your Third Party

KYC – Know Your Customer

KYCC – Know Your Customer’s Customer

KYE – Know Your Employee

L

LC – Letter of Credit

M

MiFID – Markets in Financial Instruments Directive

MOU – Memorandum of Understanding

MLRO – Money Laundering Reporting Officer

MSB – Money Service Business

MENAFATFMiddle East & North Africa Financial Action Task Force

MONEYVALCommittee of Experts on the Evaluation of Anti-Money Laundering Measures & the Financing of Terrorism

MLAT – Mutual Legal Assistance Treaty

N

NGO – Non-Governmental Organisation

NPO – Non-Profit Organisation

NRA – National Risk Assessment

O

P

PATRIOT – The Uniting and Strengthening America by Providing Appropriate Tools required to Intercept and Obstruct Terrorism Act 2001

PEPPolitically Exposed Person

PIC – Private Investment Company

PSP – Payment Services Provider

R

RBA – Risk-Based Approach

RCARelative or Close Associate

S

SAR – Suspicious Activity Report

SDN – Specially Designated National

SIE Special Interest Entity

SIPSpecial Interest Person

STR – Suspicious Transaction Report

T

TBML – Trade-Based Money Laundering

TCSP – Trust & Corporate Service Provider

TF – Terrorist Financing

TITransparency International

U

UBO – Ultimate Beneficial Owner

UNUnited Nations